Rents rise by highest amount in two years as landlords hit back over government clampdowns
RENTS have risen by the highest amount in two years as landlords hike prices amid a Government clampdown on buy-to-let properties.
Bills have gone up by 1.3 per cent on average in the year to May - the biggest annual rise since September 2017.
The new figures have been analysed by the Office of National Statistics (ONS) which monitors national rents.
It means that someone who was paying £500 a month rent in May 2018 is now forking out £506.50 a month or an extra £78 a year.
But in places like London where rents rose by 0.9 per cent in the past year, tenants paying the average £2,034 a month, according to property portal Rightmove, have seen bills rise by £219.68 a year.
Regionally, rents have risen the most in the East Midlands where they went up by 2.1 per cent, closely followed by those in the South West at 2 per cent.
Find out more about how to haggle with your landlord to bring your rent down here.
It means they are now charged based on their income rather than just their profits.
Landlords have also struggled with the decision to scrap Section 21 rules that gives tenants more power over "no-fault evictions".
Industry insiders are warning that renters could struggle to find homes as landlords sell up amid the financial pressures.
Kate Davies from the Intermediary Mortgage Lenders Association (IMLA) said: "Growing pressure on landlords to increase rents in order to make ends meet will ultimately have a detrimental effect on renters' ability to save for deposits to buy their own homes.
"The Government should be careful to ensure that any future regulation around the private rental market does not further shrink the appetite of private landlords to satisfy the growing demand of tenants."
Some experts feel that the long awaited ban on tenant fees that came into effect from June 1 will also push up rent.
The Sun previously reported how it could actually end up adding another £100 a year to bills.
Do you think you're paying too much for rent? Here's our guide on how to haggle with your landlord to drive down costs.
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